Government to ban financial cold-calling as 1 in 15 fall victim to devastating scams Lifestyle 13/07/2023 The government has set out a new Fraud Strategy in a bid to stem the rise in the amount lost to scams. Among the measures it will implement is a ban on cold-calls related to financial products. While it could help protect you, you must remain vigilant too. According to government figures, fraud is now the most common crime in the UK, with 1 in 15 people falling victim. Each year, victims lose almost £7 billion. Scams can have a devastating effect not only on your long-term finances but your wellbeing too. The new measures aim to close the routes that scammers use to target victims. Among the steps will be a ban on cold-calling on all financial products. It means if you receive a call in the future out of the blue about financial products, from insurance to investment schemes, it could signal a scam.
Savers celebrate rising interest rates, but it could mean an unexpected tax charge Lifestyle 06/07/2023 After more than a decade of low interest rates, many people will be pleased to see the amount their savings are earning is starting to rise. Yet, it could mean you need to pay a tax charge. Interest from saving accounts may be liable for Income Tax. When the average interest rate was below 1%, you usually had to have a substantial amount held in cash accounts to face a tax charge. However, as interest rates rise, you could unexpectedly cross the tax threshold. So, read on to find out when you need to pay tax on interest and how you could avoid a bill. Do you benefit from the Personal Savings Allowance? The Personal Savings Allowance (PSA) lets you earn interest on savings without paying tax. Not everyone benefits from the PSA, and the amount varies depending on your Income Tax bracket.
5 compelling non-financial reasons to work with a financial planner now Lifestyle 19/06/2023 When you first seek financial advice, your goal may be to grow your wealth or make the most of tax-efficient allowances. A financial planner can provide support in these areas, but the benefits could have a much larger effect on your life and wellbeing. A survey conducted by Hymans Robertson asked people with more than £300,000 of investable assets about the benefits of professional financial advice. And some of the results may surprise you. While the report found many people seek financial advice to grow their wealth – 50% said they wanted expertise about the most appropriate investment vehicle – there are plenty of other benefits too. Here are just five of the ways working with a financial planner could boost your wellbeing. 1. Improve your peace of mind You shouldn’t underestimate the value of feeling confident about your finances and future – it can have a positive effect on your overall wellbeing.
Guide: How to manage the harmful effects of inflation on your wealth Guides 14/06/2023 For the last year, inflation has been high. If you’re worried about the effects of the rising cost of living, this guide could help you. Figures from the Office for National Statistics show, in the 12 months to April 2023, the rate of inflation was 8.7%. This is far above the Bank of England’s target of 2%, and for much of the last year, the rate has been in double digits. The guide explains why needing to spend more to maintain your lifestyle could affect your long-term plans and how inflation could reduce the value of your assets in real terms. You can also discover some of the steps you could take to “beat” inflation, including: Making the most of suitable allowances Shopping around for the best interest rate Considering if investing is right for you Reviewing your budget Focusing on your long-term plan.
Should you lock in your savings interest rate now? Lifestyle 05/06/2023 Over the last 18 months, interest rates have increased and the rate your savings could earn has slowly been rising. However, with some experts predicting they will begin to fall towards the end of the year, should you lock in an interest rate now? Double-digit inflation figures have led to the Bank of England increasing interest rates The Bank of England (BoE) has gradually increased its base interest rate since the end of 2021. In November 2021, the base rate was just 0.1%. This meant the cost of borrowing was low, but savers suffered. After a series of increases, the base rate stood at 4.5% as of May 2023. For savers, this is good news as it provides an opportunity for their savings to work harder. The steps taken by the BoE are in response to high levels of inflation.
